Gold Broadly Stable After U.S. Inflation Data Eased Rate-Cut Concerns
Gold prices are broadly stable as a softer-than-expected U.S. inflation reading rekindled hopes of interest-rate cuts next year. The personal consumption expenditures price index--the Federal Reserve's preferred inflation gauge--rose 0.1% the previous month and 2.4% over the past 12 months, below analysts expectations.
Futures are flat at $2,644.30 a troy ounce following a weekly loss on Friday after the U.S. central bank signaled fewer rate cuts next year, boosting the dollar and bond yields. Traders now await the last batch of economic data this week, including the consumer confidence reading due later Monday and initial jobless claims on Thursday.
Source : Dow Jones Newswires
